Member access

4-Traders Homepage  >  News


Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

U.S. Stocks Turn Lower Following Fed Meeting Minutes

01/03/2013 | 02:38pm US/Eastern

--Stocks turn lower after Fed meeting minutes released

--Minutes show divide between members on when to halt bond-buying program

--DJIA down 10; S&P one lower

   By Alexandra Scaggs 

NEW YORK--Stocks turned lower after minutes from the U.S. Federal Reserve's December policy meeting put a damper on midday Thursday gains.

The Dow Jones Industrial Average declined 10 points, or 0.1%, to 13402. The Standard & Poor's 500-stock index lost one point, or 0.1%, to 1461, and the Nasdaq Composite Index pulled back two points, or 0.1%, to 3110.

Stocks turned lower after the Fed minutes showed a divide between members on when would be best appropriate to halt the central bank's bond-buying program. The record left little indication of which course the Fed would choose and said members expressed uncertainty about the benefits of ongoing purchases.

On the economic front, data on private-sector job growth for December, provided by Automatic Data Processing and Moody's Analytics, well exceeded expectations. Many see ADP's report as a preview to the closely-watched government employment report due out on Friday. But initial claims for jobless benefits rose by more than expected.

Still, after the ADP's report, two Wall Street economists raised their predictions for Friday's jobs report. Goldman Sachs economist Jan Hatzius raised his estimate to 200,000 from his previous target of 175,000. Credit Suisse also raised its forecast, to 158,000 from 165,000.

Retailers reported mixed sales growth in December, as investors sought to gauge consumer spending during the holiday season. Same-store sales rose 4.5%, above analyst expectations of 3.3%.

Family Dollar slumped 12% after the discount retailer reported fiscal first-quarter earnings that missed expectations and provided a downbeat second-quarter outlook given a challenging holiday selling season. But TJX Cos., which owns off-price retailers such as T.J. Maxx and HomeGoods, climbed 3.6% after it posted stronger-than-expected December sales and raised its earnings projections for the fourth quarter and full year.

Sales in some areas could have suffered from the down-to-the-wire nature of the budget compromise in Congress, said Jeff Savage, regional chief investment officer for Wells Fargo Private Bank, which oversees $169 billion in assets.

"Retailers would have appreciated an answer coming about 10 days before it did," he said. "Consumer confidence took a big hit toward the end of the year, and retail, therefore, took a big hit."

Write to Alexandra Scaggs at

React to this article
Latest news
Date Title
02:32p Reports from Clemson University Advance Knowledge in Ecology Research (Performance of individual species as indicators for large mammal species...
02:32p Researchers Submit Patent Application, "Elevator and Elevator Refurbishing Method", for Approval
02:32p HARRIS : FAA Awards Harris Corporation $238 Million IDIQ Contract for Weather Program Support Services
02:31p WISTRON : Patent Issued for Biochip
02:31p SUN LIFE FINANCIAL : announces election of directors
02:31p SNYDER LANCE : Announces Results from Annual Meeting of Stockholders
02:31p RECURRENT, LLC : Announces the Addition of Mike Opitz, P.E., LEED AP O+M, to Their Team, Citing the Strategic Hire as a Response to Market Demand for Energy Conservation Services
02:31p SOCIEDAD QUIMICA Y MINERA DE CHILE : ALERT: The Rosen Law Firm Reminds Chemical & Mining Co. of Chile Inc. Investors of the Important May 18, 2015 Deadline in the Class Action Filed by the Firm – SQM
02:30p CORPORATE EXECUTIVE BOARD : CEB Reports First Quarter Results and Updates 2015 Guidance
02:30p ZEON : Patent Issued for Surface Light Source Device and Lighting Apparatus
Latest news
Hot News 
BORDERFREE : reports 1Q loss
ANDREWS SYKES : 05-05-15: Preliminary Result 2014
FINSBURY FOOD : To Buy Johnstone's Just Desserts Out Of Administration
SKULLCANDY : reports 1Q loss
PLASMATECH BIOPHARMACEUTICALS : Announces Agreement to Acquire Abeona Therapeutics LLC
Most Read News
05/05 ERA : Reports First Quarter 2015 Results
05/05 Alfa, Harbour Energy to buy Pacific Rubiales for C$6 billion
01:23aDJBig Oil Companies Find Gains in Trading
05/05 APPLE : Beats Music deals under U.S. scrutiny: Bloomberg
04:04a LEGAL & GENERAL : L&G says focus on infrastructure whatever election outcome
Most recommended articles
02:28pDJBank of America Shareholders Re-Elect All Directors--2nd Update
02:28pDJU.S. Stocks Trade Lower
02:22pDJAnheuser-Busch InBev Profit Jumps, Strong Dollar Weighs on Sales -- 2nd Update
02:06p Sun Life CEO sees Asian, asset management units driving growth
01:58pDJU.S. 10-Year Bond Yield Rises to Near-2015 High
Dynamic quotes